Stock Market Closed: Investors support shares of private sector banks, non-banking financial companies, slight improvement in Sensex-Nifty.
Mumbai. Major stock indices of local stock markets closed with gains on Friday due to investor support for shares of private sector banks and financial services companies and buying in shares of some selected companies related to engineering and infrastructure sectors. The market also got support from signs of improvement in the rupee exchange rate in early trade.
The Bombay BSE Sensex closed 231.99 points or 0.31 per cent higher at 75,415.35, while the Nifty closed 64.60 points or 0.27 per cent higher at 23,719.30. After opening at 75,260.39 in the morning, the Sensex went up to 75,810.97 and down to 75,230.75.
Yesterday the market closed at 75,183.36. Similarly, Nifty50 opened at 23,671.20 in the morning and went up to 23,835.65 and down to 23,671. Today, on the last day of weekly trading in BSE, 15 shares were in profit and 15 were in loss. Major gainers included Trent 3.01 percent, Axis 2.52 percent, ICICI Bank 1.77 percent, Asian Paint 1.56 percent and Hindustan Lever 1.06 percent.
HDFC Bank, Kotak Bank, Bajaj Finance, Ultracement, Bajaj Finserv, IndiGo and Reliance were also among the gainers. Many major stocks like Sun Pharma, ITC, PowerGrid, BHEL, Bharti Airtel and Infosys fell between 2.43 per cent and 0.61 per cent. Shares of other companies in the information technology sector included in the Sensex also closed in decline.
There were fluctuations in the market throughout the trading day. In afternoon trade, there was increased selling pressure on stocks to cut profits at higher prices due to concerns over geopolitical uncertainties, rising bond yields in the global market and higher crude oil prices. Due to this, the bullish atmosphere in the market calmed down a bit. Mixed trends were seen in different segments.
The market sentiment was mainly positive regarding the shares of Nifty Private Bank, Financial Services, Metal and Public Sector Banks. The market overall got support from buying in these shares. In contrast, healthcare, media and pharma stocks witnessed weakness, which limited the overall market recovery. The Nifty Midcap 100 index closed marginally higher by 0.14 per cent, reflecting selective buying trend, while the Nifty Smallcap index slipped 0.15 per cent. According to analysts, this reflects the cautious attitude in the broader market.
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